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Hajiyev was sentenced in 2016 to 15 years in an Azeri prison for embezzling some $3 billion from the state-owned International Bank of Azerbaijan, of which he was a chairman from 2001 to 2015.

The former banker is presumed to have bought the 8.9 carat diamond ring for his wife, Zamira Hajiyeva, whose lavish lifestyle made her the target of the country’s first-ever unexplained wealth order (UWO).